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Founder and the Chief Executive Officer
Chief Executive Officer and Founder
Renaissance Merchant Bank
AFRICA First Renaissance Corporation Afre
Group Executive Chairman
ReNaissance Financial Holdings Ltd.
Mr Patterson Timba, the founder and the chief executive officer of Renaissance Capital said Africa's informal sector could mobilise in excess of $ 40 billion to invest in the stock markets if deliberate measures to mobilise such resources are taken. The World Bank last week announced $30 billion-plan to invest and develop Africa's stock markets but Mr Timba believes that such money can be mobilised from within the continent without looking to the World Bank. "Africa's informal sector has the capacity to raise the money to match or even beat what the World Bank or what other emerging fund managers are bringing here," Mr Timba said. "It is a question of our lack of financial literacy," Mr Timba said."If our accounting graduates cannot understand the capital markets, what more would you expect from a woman in the market store.""We need to address our curriculum," Mr Timba said.The current education system emphasises theory at the expense of practice."Therefore we have Masters in Business Administration graduates who do not understand how the stock market works," he said."There is need to introduce curriculum on financial discipline at the elementary level of study," Mr Timba said."Capital markets mean provide efficient and cost effective ways of raising capital for businesses," Mr Timba said.In Zimbabwe, for instance, as inflation hits historical levels, money invested in stocks at the Zimbabwe Stock Exchange has risen way above the hyper inflation levels to an extent that the market was among the best performers of 2007."Capital markets are able to mitigate vagaries of economic melt down," Mr Timba said.
events, Renaissance Financial Holdings Ltd founder Patterson Timba yesterday
withdrew a court application in which he was challenging a deal that saw the National Social Security Authority acquiring a controlling stake in ReN-aissance Merchant Bank (RMB). In a notice of withdrawal filed just before the hearing was due before Jus-tice Lavender Makoni at the high court, Timba, through his lawyers Muza & Nyapadi, withdrew the case at 8:45 am. "Take notice that the appellant here-by withdraws his claim against all the respondents," reads the notice of with-drawal. Vote Muza of Muza & Nyapadi, repre-senting Timba, is said to have called all law firms -- Dube, Manikai & Hwacha, Scanlen & Holderness, and Wintertons, advising them not to come to court. However, the move was not well received by Justice Makoni as it emerged Timba had not paid the costs of other litigants in the case, expected to run into tens of thousands of dollars. Justice Makoni ordered the ques-tion of costs be determined by the high court owing to their significance. Timba applied to the high court to stop former RMB curator Reggie Saruchera Timba also sought an order that should shares in RMB be disposed of, it should be done on the basis of a valua-tion done by PriceWaterhouse Coopers or two other valuations. He also wanted an order to have Saruchera's valuation of RMB set aside and
Patterson Fungayi Timba Chief Executive Officer and Founder Renaissance Merchant Bank
AFRICA First Renaissance Corporation Afre chairman Mr Patterson Timba on Monday read the riot act to his senior managers declaring that the listed life insurance concern, formerly known as First Mutual Limited, had set its sights at becoming a continenthttp://zim2day.com/index.php?option=com_content&task=view&id=533&Itemid=55
Dr. Shingi Munyeza, Group CEO of African Sun and Mr. Patterson Timba, Group CEO of Renaissance Financial Holdings and Group Executive Chairman of Afre Corporation will officially open this event at a dinner on the evening of 7 April at Rainbow Towers hotel.